High-end security
Smart Contracts ensure that all transactions that take place through a DeFi protocol are secure, eradicating security breaches, and risks.
DeFi Smart Contract Development Services
Decentralized financial services have completely shifted the dynamics of lending, borrowing, crypto exchanges, insurance, tokenization, and asset trading by plucking the power from central authorities and allowing peer to peer transactions. Thanks to open-source blockchain technology, these varied services can now be carried out swiftly using Smart Contracts. The terms and conditions of a Smart Contract are coded, audited and, once these conditions are met, the smart contracts carry out the corresponding actions.
These Smart Contracts are widely employed in all DeFi protocols and are the driving force behind all Dapps, executing functions promptly. Our DeFi smart contracts are coded, keeping the industry needs in mind, adding unique features and plugins to help your DeFi protocols and Dapps get the highest user engagement. We, at Blockchain App Factory, provide DeFi Smart Contract development services that are completely scalable and white label to support the growing needs of your business, coded and audited by adept developers, warranting client satisfaction undoubtedly.
What are DeFi Smart Contracts?
The advent of Smart Contracts dates all the way back to the 1990s when a cryptographer, Nick Szabo defined it as “a set of promises, specified in digital form, including protocols within which the parties perform on these promises.” At its core, Smart Contracts contain functions that are written in code that are executed when certain if-then criteria are met. The automatic execution that smart contracts facilitate is the basis on which all Decentralized protocols function. Without these, Dapps and DeFi protocols such as MakerDai, Compound, and UniSwap cannot function.
Smart Contracts, built on blockchains, make the need for middlemen obsolete. They are fully secure, remove time-consuming processes like verification, prevent third-party integrations, are accurate since the functions are written in code, and are autonomous. These features make Smart Contracts imperative for Decentralized Services to function.
Benefits of Smart Contracts that Contribute to DeFi Protocols
Smart Contracts completely remove the need for centralized authorities and offer a myriad of other benefits that help carry out decentralized services seamlessly.
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Digitization
Smart Contracts have bid adieu to demanding paperwork. They are completely digitized and store all transactional information in decentralized ledgers.
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Speed
Long processes that are the norm of traditional financial transactions are eliminated since Smart Contracts are wholly automated, accelerating performance.
Highly immutable
The coding on the smart contracts can never be tampered with. Once a contract has been created or deployed, it carries out its programmed functions and cannot be modified.
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Transparent
Smart Contracts are built on blockchain networks so anyone can access and view the transaction data.
Third-party free
There is no need for a middleman for verification, the blockchain does that for you.
Reusability
Unlike traditional contracts, these digitized contracts can be reused for the same purpose for which it was used before.
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Cost-efficient
In the absence of third parties in DeFi Smart Contracts, the cost that is customarily incurred is avoided.
Various Use Cases of Smart Contracts
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Cryptocurrency exchanges
By encoding the conditions for the exchange, they negate the need for an intermediary.
DeFi Protocols and Dapps
Smart Contracts are the driving force behind all Decentralised finances, saving time, and improving efficiency.
Crowdfunding
Enables and gives complete control of funds to the contributors.
Supply chain management
Items in the supply chain can be tracked with full traceability and transparency.
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Digital identity
They provide individual identity and make KYC ineffective
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Security
With no need for intermediaries, security custody chains are unnecessary and help reduce operational risks.
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Financial data recording
Accurate and transparent data integration, reducing auditing costs.
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Insurance
Helps in automating claims, resolving disputes with proof.
Escrow
Authenticates and improves trust in Escrow funds transfer.
Mortgage system
Makes the processes fast, cheap, and easy by automating all operations.
Defi Protocols Already Mechanized Using Smart Contracts
A manifold number of Defi protocols and Dapps are already powered by Smart Contracts. Some of them are
MakerDao
Synthetix
Compound
Bancor
Dharma
Uniswap
Kyber Network
Balance
You Can Now Build Your Own DeFi Smart Contract!
Decentralized finance protocols are now seeing exponential growth in both user engagement and assets stored in contracts. It has made a huge splash in the finance ecosystem, and the high security, permissionless, and non-custodial nature make these protocols and Dapps a wise business venture.
You can now develop DeFi smart contacts for your DeFi protocols and Dapps by trusting us with your innovative ideas. We follow a streamlined development process that goes like this
Analyze
We will begin with research and analyze the market space you wish to enter, keeping up with the latest trends in the crypto space to make your DeFi Smart Contracts.
Design and develop
Once our team understands your prerequisites for the development of your DeFi Smart Contracts, we will begin building your smart contracts on the Solidity programming platform.
Testing and Auditing
The DeFi Smart Contracts that we develop will be strenuously tested and audited to clear out all bugs and vulnerabilities.
Launch
Once cleared of all susceptibilities, your DeFi Smart Contracts will be ready to be deployed to your DeFi protocol or Dapps to give you and the users of your platform a secure and immutable experience of executing financial transactions.
Why Choose Blockchain App Factory For Your DeFi Smart Contract Services?
If you’re an entrepreneur or a business owner entering the Decentralised Finance sector, now is the right time. The DeFi landscape is growing expeditiously and the reliance on DeFi protocols for running financial services is on the rise. Therefore, investing in our DeFi Smart Contract Development Services for your Defi protocols or Dapps will take your business to the next level.
Blockchain App Factory’s solutions are completely scalable and customizable to support and adapt to your growing business. Our skilled and seasoned team of developers, business analysts, and marketers will ensure your DeFi Smart Contracts will give your DeFi business complete security, transparency, and immutability. Our white label solutions let you, as the business owner, increase your brand visibility and user base so that your DeFi business venture can witness skyrocketing profits.
Connect with us soon to learn more about how you can deploy DeFi Smart Contracts with our top-grade Defi Smart Contract Development Company.
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